The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave iii of 1 of (3) develops. Now a local correction has formed as the wave (ii) of iii of the lower level, and the development of the wave (iii) of iii has begun. If the assumption is correct, the pair will grow to the levels of 1.3626–1.3723. In this scenario, critical stop loss level is 1.2958.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2958 with the targets at 1.3626–1.3723. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2958 will let the pair go down to the levels of 1.2398–1.2200.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3240
Take Profit 1.3626, 1.3723
Stop Loss 1.2958
Key Levels 1.2200, 1.2398, 1.2958, 1.3626, 1.3723
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2950
Take Profit 1.2398, 1.2200
Stop Loss 1.3135
Key Levels 1.2200, 1.2398, 1.2958, 1.3626, 1.3723
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave iii of 1 of (3) develops. Now a local correction has formed as the wave (ii) of iii of the lower level, and the development of the wave (iii) of iii has begun. If the assumption is correct, the pair will grow to the levels of 1.3626–1.3723. In this scenario, critical stop loss level is 1.2958.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2958 with the targets at 1.3626–1.3723. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2958 will let the pair go down to the levels of 1.2398–1.2200.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3240
Take Profit 1.3626, 1.3723
Stop Loss 1.2958
Key Levels 1.2200, 1.2398, 1.2958, 1.3626, 1.3723
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2950
Take Profit 1.2398, 1.2200
Stop Loss 1.3135
Key Levels 1.2200, 1.2398, 1.2958, 1.3626, 1.3723